The Spanish market continues to show a strong downward trend. The first resistance level presented in the 7,140 points has been attacked three times in the last two months without success. The two bearish gaps that were left in March remain in force, which gives rise to a bearish window, a figure that has strong bearish implications. As of today we do not rule out the abandonment of the support of 6,424 points, which would drag the Spanish selective towards the annual lows that it would draw at 5,814 points.

Technical analysis


PharmaMar It offers a very good technical aspect after managing to overcome, at the end of last April, the resistance of 5 euros. After the formation of a throw back to these levels we are seeing the return of purchases. It seems imminent an attack on the annual highs that would draw last April 28 at 6.26 euros. If everything continues its course, it is likely that we can end up seeing an escalation of its price to the level of 7 euros. We will not appreciate the slightest sign of weakness as long as it remains trading above 5 euros.

Excellent technical behavior that we have seen in Viscofan from the highs of March. The company has appreciated close to 40% since then and its price series continues to give indications that invite us to think about an extension of earnings in the coming weeks. The bullish gap that was left to overcome the resistance of 54.63 euros and that has not been covered is a sample of the tremendous current strength of purchases. The lateral consolidation that we are seeing in the last days could correspond to the cloth of a pennant. This figure has strong bullish implications, so after overcoming the resistance of 60 euros, it is very likely that we could end up seeing an extension of earnings to the level of 63.11 euros.

Cellnex It is probably the value of the Ibex 35 that offers the best technical perspectives. Exceeding the 49.18 euros, all-time highs, allows you to move on a free rise being a pleasant exception in this bear market. After the break of these levels the value moves in free rise without any resistance on its way. For the next few weeks, everything seems ready for us to end up seeing an extension of earnings to the level of 55 euros, prices close to 7% above current prices.